Net sales reductions of 11,600 MT for the 2013/2014 marketing year were reported for Japan. Exports of 106,800 MT--a marketing-year low--were down 48 percent from the previous week and 64 percent from the prior 4-week average.

Crop markets were mixed on Wednesday on news that domestic ethanol stocks had declined despite a moderate production increase last week. March corn rose 5 3/4 cents to $6.94 1/2 per bushel Wednesday, while December gained 3 3/4 cent higher to $5.81 1/2. On Thursday concerns about tight supplies supported corn prices in overnight trade. The gains felt by the market in the face of negative news, such as a South Korean firm making no purchases in a tender for 55,000 tons of corn, impressed experts

REPORT

THIS WEEK

LAST WEEK

DIFFERENCE

Sales

12,622

49,136

-36,514

SALES

10 WEEKS

27 WEEKS

THIS YEAR

Average

185,832

219,191

12,622

High

769,756

1,881,967

12,622

Low

12,622

368

12,622

The report also showed that soybean net sales of 321,800 MT for the 2012/2013 marketing year resulted as increases for unknown destinations (254,700 MT), the Netherlands (95,600 MT), Spain (72,100 MT, including 65,000 MT switched from unknown destinations), and Mexico (69,100 MT), were partially offset by decreases for China (241,600 MT).

Net sales of 85,000 MT for delivery in the 2013/2014 marketing year were for China (60,000 MT) and unknown destinations (25,000 MT). Exports of 1,177,300 MT were up 14 percent from the previous week and 2 percent from the prior 4-week average.

Exports for Own Account: Decreases in exports for own account totaling 100 MT were reported to Canada

Soybean futures also ended mixed on Wednesday as traders were reluctant to take on added risk in the CBOT futures, especially after the Brazilian counterpart to the USDA stated its 2012-13 soybean production forecast at a record high. March beans ended the day 1/4 cent lower at $13.86 1/4 and March meal dipped $1.5 to $409.4/ton, whereas March soyoil advanced 0.03 cents to 49.64 cents/pound. On Thursday traders seemed less positive than did their corn and wheat counterparts. The inability of the nearby March contract to overcome chart resistance associated with its 10-day moving average may also be encouraging speculative sales.